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Indian Indices Continue Momentum; FMCG Stocks in Demand
Tue, 16 May 01:30 pm

Indian share markets continued to trade strong during the noon session hitting all-time highs for the third time in five sessions, as investors remained bullish. Barring metal stocks, all the sectoral indices are trading in green. FMCG stocks and software stocks witnessed majority of the buying activity.

The BSE Sensex is trading higher by 152 points and the NSE Nifty is trading higher by 40 points. Meanwhile, the BSE Mid Cap index & the BSE Small Cap index is up by 0.2% & 046% respectively. The rupee is trading at 64.11 to the US$.

Furthering its efforts to protect the domestic steel industry, the government has imposed anti-dumping duty on cold rolled steel products exported from Korea, Japan, China and Ukraine. As per finance ministry's notification, the duty will be the difference between the landed value of the steel products and US$576 per tonne and will be effective for a period of five years.

Earlier, Essar Steel India, Steel Authority of India, JSW Steel and JSW Steel Coated Products had jointly filed the application for dumping probe and other cold rolled steel products manufacturers like Bhushan Steel and Tata Steel have supported the cause.

With an aim to restrict cheaper imports, the government in last week had issued a similar notification to impose an anti-dumping duty on 47 hot rolled steel products from half-a-dozen nations, including China, Japan, Korea, Russia and Indonesia, for a period of five years. Countries initiate anti-dumping probe to determine if the domestic industry has been hurt by flooding of below-cost import.

No Takers For Domestic Steel

The government's proposal to give domestic steel makers a preference in government projects should protect them from cheaper imports. But in the meanwhile, the steel makers are chasing imports out by ramping up production. In February, domestic steel output rose by 12.9% YoY, as large private steel producers such as Tata Steel and JSW Steel ramped up output. Imports during the first eleven months of FY17 dropped by 39% YoY.

But the bigger concern is weak consumption growth. The consumption data over the past few months clearly show that there are no takers for domestic steel. So steel makers have been forced to export more, with overseas shipments up by 78% YoY in the fiscal till February.

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Moving on to news from pharma sector. Natco pharma share price is presently trading up by 2.3% on the BSE after the Reserve Bank of India has notified that Foreign Institutional Investors (FIIs)/Foreign Portfolios Investors (FPIs) can now invest up to 49% of the paid-up capital of Natco Pharma under the Portfolio Investment Scheme (PIS).

The company has already passed resolutions at its Board of Directors' level and a special resolution by general body agreeing for enhancing the FII/FPI investment limit under Portfolio Investment Scheme from 31.50% to 49% of the paid-up capital of the company.

In another development, the US health regulator has cleared Glenmark Pharma's investigational new drug application to initiate phase one study of GBR 1342. GBR 142 is a humanised monoclonal antibody for treatment of multiple myeloma.

This is Glenmark's second investigational new drug from its immuno-oncology portfolio to enter clinical trials.

Glenmark pharma share price is also trading up by 0.6% on the BSE.

In news from engineering sector, Bharat Heavy Electricals (BHEL) has won a prestigious order for a Steam and Power Generation Package from Ramagundam Fertilizers and Chemicals (RFCL).

The company has won the award against stiff International Competitive Bidding (ICB). Valued at Rs 2.33 billion, the order has been placed on BHEL for setting up the package at RFCL's fertilizer plant at Ramagundam in Telangana.

The equipment for this package shall be supplied by BHEL's manufacturing units at Hyderabad, Vizag, Bhopal, Jhansi, Bengaluru, Trichy and Chennai.

BHEL share price was trading down by 0.8% at the time of writing.

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